Hexylene Glycol Market Size - By Grade (Pharmaceuticals, Industrial), Application (Solvent, Chemical Intermediate, Antifreeze, Other), By End Use (Construction, Drug, Paints & Coatings, Chemicals, Oil & gas, Leather& Textile Other) and By Region: Global Forecast, 2024 – 2033
- PUBLISHED ON
- 2024-01-02
- NO OF PAGES
- 239
- CATEGORY
- Chemicals & Materials
Market Overview
Hexylene
Glycol Market Size is predicted to develop at a compound annual growth rate
(CAGR) of 3.32% from 2024 to 2033, when it is projected to reach USD 297.1 million,
based on an average growth pattern. The market is estimated to reach a value of
USD 203.13 million in 2024.
SOURCE:
We Market Research
Hexylene
Glycol, with molecular formula is C6H14O2, is a colorless, transparent liquid.
It is a member of the glycol ether family and is frequently used in paints,
coatings, and cleaning products, among other industrial applications, as a
solvent, coupling agent, and coalescing agent. Because of its distinct chemical
makeup, it has the capacity to dissolve a broad variety of materials and boost
formulation performance by increasing solubility and stability. Because of its
reputation for low volatility and mild odor, hexylene glycol is a desirable
option in formulations that require low toxicity and little aroma.
The
hexylene glycol market is propelled by multiple important aspects. The main
factor driving demand is its adaptability as a coupling agent and solvent in
several industries, including paints, coatings, cosmetics, and medicines. Its
capacity to promote stability and solubility, among other aspects of product
performance, increases its use. Its moderate odor and low volatility also make
it a desirable option, particularly in formulations that call for low toxicity
and little fragrance. Furthermore, because Hexylene Glycol conforms to these
changing market trends, the growing emphasis on environmentally friendly
solutions and the increased demand for sustainable chemical alternatives
support the market's expansion.
Market Scope
|
Report Attributes |
Description |
|
Market Size in 2024 |
USD
203.13 million |
|
Market Forecast in 2033 |
USD 297.1
million |
|
CAGR % 2024-2033 |
3.32% |
|
Base Year |
2023 |
|
Historic Data |
2016-2022 |
|
Forecast Period |
2024-2033 |
|
Report USP
|
Production,
Consumption, company share, company heatmap, company production capacity,
growth factors and more |
|
Segments Covered |
By
Grade, by Application, By End use, and By Region |
|
Key Growth Drivers |
Increasing
Demand in Paints and Coatings Rising Demand in Personal Care Products Shift towards Environmentally Friendly Products |
|
Regional Scope |
North America, Europe, APAC, South
America and Middle East and Africa |
|
Country Scope |
U.S.; Canada;
U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia;
China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico;
Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria |
Hexylene Glycol Industry: Dynamics & Restrains
Market Drivers
Growing Awareness and Health Concerns- The
hexylene glycol market is driven by consumers' growing health concerns and
understanding of safer, environmentally friendly components used in personal
care products. Hexylene Glycol, a popular solvent and viscosity agent in
cosmetics because to its mildness and efficiency, is becoming more and more
popular as people emphasize non-toxic formulations. Because of its low toxicity
profile and biodegradability, it is becoming increasingly popular among
producers who are looking for safer options. The market for hexylene glycol is
growing as a result of this increased demand, which is a reflection of an
industry move towards sustainable, health-conscious product development.
The increasing demand among diverse industries- Hexylene
glycol is becoming more and more in demand from a variety of industries as a
result of its numerous applications. It is widely used in the paint, coatings,
cosmetics, pharmaceutical, and other sectors as a solvent, coupling agent, and
viscosity modifier. Efficiency in manufacturing and product development are
industries' top priorities, and ethylene glycol plays a critical role in
formulation stability and quality improvements. Hexylene glycol's market is
anticipated to grow gradually because of its steady demand, ability to enhance
performance attributes, and compatibility with a variety of substances.
Market Restrains
Rising competition among critical players- The
market for hexylene glycol is constrained by the growing rivalry between major
producers. Increased competition as businesses compete for market supremacy
results in pressure on prices and the use of aggressive marketing techniques.
Due to the intense competition, cost-cutting measures are frequently
implemented, which affects profit margins and prevents large investments in
R&D. Furthermore, there are fewer significant growth prospects due to
market saturation caused by numerous suppliers fighting for market share. The
competitive environment's focus on price competition over product innovation
creates obstacles for long-term market growth, which limits the potential
growth of the hexylene glycol industry.
Hexylene Glycol Segmentation
Market- By Grade Analysis
By Grade, the Hexylene Glycol Market is Categories into Pharmaceuticals, Industrial. The Industrial segment accounts for the largest share of around 72% in 2023.
The
hexylene glycol market in the industrial sector is mainly driven by rising
demand in products used in manufacturing processes, such as textiles, paints,
and coatings. Industrial-grade hexylene glycol's dominance in the market is
fueled by factors such as economic expansion, rising industrial operations, and
advances in a range of industrial applications.
The following segments are part of an in-depth
analysis of the global Hexylene Glycol Market:
|
Market
Segments |
|
|
By
Application |
·
Solvent ·
Chemical Intermediate ·
Antifreeze ·
Other |
|
By
End use |
·
Construction ·
Drug ·
Paints & Coatings ·
Chemicals ·
Oil & gas ·
Leather& Textile ·
Other |
Hexylene Glycol Industry: Regional Analysis
Asia-Pacific Market Forecast
Asia-Pacific dominate the Hexylene Glycol Market with the highest revenue generating market with share of more than 46%. China's and India's booming consumer goods and construction industries drive demand for hexylene glycol in paints, coatings, and personal hygiene goods. Growing disposable incomes support market expansion even further.
North America Market Statistics
North
America is the second-largest market for Hexylene Glycol. Hexylene glycol is in
high demand in North America due to its widespread commercial use in paints,
coatings, and cosmetics. Demand is driven by ongoing innovation and innovations
that are environmentally sensitive. Market expansion is significantly impacted
by growth in the building sector, especially in the US and Canada.
Europe Market Forecasts
Europe
is expected to be the fastest-growing market for Hexylene Glycol during the
forecast period. European environmental laws drive the market for more
environmentally friendly chemical substitutes, which in turn supports
environmentally friendly hexylene glycol products. A significant contribution
comes from the booming personal care and cosmetics industry. In addition, a
variety of industries like pharmaceuticals and the automobile sustain
consistent demand.
Key Market Players
The
Hexylene Glycol Market is dominated by a few large companies, such as
·
SOLVAY S.A.
·
Monument Chemicals, Inc.
·
FINAR LIMITED
·
LANXESS
·
Praasol Chemicals Ltd
·
DowDupont
·
Arkema Group
·
Solventis Ltd.
·
BASF SE
·
Lonza Group
Recent Developments:
·
2018, Denali Therapeutics
and Lonza Pharma & Biotech announced their collaboration. The purpose of
this collaboration was to create biologic medications in order to broaden its
line of business within the healthcare industry.
·
2018, To diversify its
operations, Arkema revealed that it is expanding into the chemical production
industry.
Quality Assurance Process
- We Market Research’s Quality Assurance program strives to deliver superior value to our clients.
We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.
Market Research Process
We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.
To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
- Project kickoff meeting with client
- Conduct frequent client communications
- Form project steering committee
- Assign a senior SR executive as QA Executive
- Conduct internal editorial & quality reviews of project deliverables
- Certify project staff in SR methodologies & standards
- Monitor client satisfaction
- Monitor realized value post-project
Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
Frequently Asked Questions
What is the market size of Hexylene Glycol Market in 2024?
Hexylene Glycol Market was valued at USD 203.13 million in 2024.
What is the growth rate for the Hexylene Glycol Market?
Hexylene Glycol Market size will increase at approximate CAGR of 3.32% during the forecasted period.
Which are the top companies operating within the market?
Major companies operating within the Hexylene Glycol Market are SOLVAY S.A., Monument Chemicals, Inc., FINAR LIMITED, LANXESS, Praasol Chemicals Ltd, DowDupont, Arkema Group, Solventis Ltd., BASF SE, Lonza Group and Other.
Which region dominates the Hexylene Glycol Market?
Asia Pacific dominates the market with an active share of 46%.
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